prerakv :
I received 1099-T from university with a 0 in box 5 (employee assisted education reimbursement). As far as 1099-T is concerned, it is correct since my employer did not pay the university, I did. However, my employer reimbursed my expenses via Payroll cycles. But then W-2 does not reflect that reimbursement. Does this qualify me for education credit? If not, how can I substantiate on my tax returns that I was in fact reimbursed? Any assistance I can get is much appreciated. Thanks,
PV
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Any payments that you received from your employer, are most likely included in the amount shown in box 2 of your W-2; i. e., the reimbursements for your education are considered to be wages. Check with your payroll department.
As to the form 1099-T, don’t you mean form 1098-T?
If so, this is your acknowledgment from the school that you paid tuition and are authorized to deduct this from your taxable income, or perhaps, to obtain either the Hope Credit or the Lifetime Learning Credit.
You cannot take any education credits for tuition/expenses that you were reimbursed for. The credit is for tutition YOU paid for yourself your spouse or your dependent.
Even If you take the credit one year and are reimbursed the next year you have to recapture the deduction.
The school is only required to report either the amount billed or the amount paid.
Subtract the amount of the reimbursement from the tuition and fees amount on the 1098-T and just claim the difference for an education credit.